Friday, January 9, 2015

Economy Added 252,000 Jobs in December, Unemployment down to 5.6%

Total nonfarm payroll employment rose by 252,000 in December, making 2014 the best year for job growth since 1999. The unemployment rate declined 0.2 percentage points to 5.6%. Both the October and November readings were revised upward by 18,000 and 32,000 respectively, for a net gain of 50,000 more jobs. In 2014, job growth averaged 246,000 per month, compared with an average monthly gain of 194,000 in 2013.

Employment increases were broad based. Professional and business services added 52,000 jobs, construction added 48,000 jobs, food services and drinking places added 44,000 jobs, health care added 34,000 jobs and manufacturing added 17,000 jobs. Manufacturing employment increased by 17,000, with durable goods (13,000 jobs) accounting for most of the gain.

The civilian labor force participation rate edged down by 0.2 percentage point to 62.7% in December. Since April, the participation rate has remained within a narrow range of 62.7% to 62.9%. The number of unemployed individuals declined by 383,000 in December.

Average hourly earnings decreased 5 cents, nearly offsetting November’s 6 cent gain. Over the year, average hourly earnings have risen by 1.7%.

The number of long term-term unemployed, those jobless for 27 weeks or more, remained essentially flat at 2.8 million. This group, which accounts for 28% of the unemployed, declined by 1.1 million in the past 12 months. The number of involuntary part-time workers, individuals employed part time for economic reasons, was little changed this month at 6.8 million.

Read the BLS release.

1 comment:

Marion said...

Are good data, but it needs to accelerate the creation of more quality jobs

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